PETROCHINA(SH:601857) Huaxin Securities·2025-04-14 12:23Investment Rating - The report maintains a "Buy" investment rating for China Petroleum (601857.SH) [1] Core Views - The company achieved a historical high in net profit attributable to shareholders, reaching 1646.76 billion yuan in 2024, with a year-on-year growth of 2.02% [4][5] - Oil and gas production continues to grow steadily, with a planned increase in production to 18.27 billion barrels of oil equivalent in 2025, representing a 3.41% increase from 2024 [5] - The company has increased its dividend payout ratio to over 50%, reflecting a commitment to shareholder returns [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 29379.81 billion yuan, a decrease of 2.48% year-on-year, while the net profit attributable to shareholders was 1646.76 billion yuan, marking a 2.02% increase [4] - The fourth quarter of 2024 saw a revenue of 6817.02 billion yuan, down 6.70% year-on-year, but net profit for the quarter was 321.58 billion yuan, up 8.05% year-on-year [4] Production and Growth - The company achieved an oil and gas equivalent production of 17.97 billion barrels in 2024, a 2.2% increase year-on-year, with crude oil production at 9.42 billion barrels, up 0.5% [5] - For 2025, the company plans to produce 18.27 billion barrels of oil equivalent, with crude oil production targeted at 9.36 billion barrels, a 2.97% increase [5] Capital Expenditure and Dividends - Capital expenditures for the year were 2758.49 billion yuan, a slight increase of 0.2% year-on-year, with significant investments in refining and chemical sectors [6] - The company declared a total dividend of 860 billion yuan for 2024, maintaining a dividend payout ratio above 50%, with a corresponding A-share dividend yield of 5.26% [6] Profitability and Forecast - The report forecasts net profits for 2025-2027 to be 1704.53 billion yuan, 1762.80 billion yuan, and 1784.50 billion yuan respectively, with corresponding price-to-earnings ratios of 8.1, 7.8, and 7.8 [10] - The company is expected to maintain stable oil and gas production growth and improve profitability, with a projected net profit growth rate of 3.5% in 2025 [12][14]